Bank of Maharashtra car loan Interest Rates
Maharashtra has a long history of commercial activity since ages because of its strategic location in Indian sub continent and its large natural resources.
Maharashtra has been a progressive region and the Banking activity was also started in this region quite early. Historically speaking, the Bank of Bombay established in 1840 was the first Commercial Bank in Maharashtra. However, the first commercial bank set up in Maharashtra outside Mumbai was The Poona Bank established in 1889 at Pune followed by The Deccan Bank in 1890 and the Bombay Banking Company in 1898.
Outbreak of the First World War leading to great depression took a heavy toll on banks in India. Between 1914 and 1935 as many as 380 banks failed in the country out of which 54 were based in Bombay province. The impact of these failures was felt more in Maharashtra region because certain banks known for a long time were also closed down.
The effects of great depression started fading and new enterprises began emerging with new hopes in all spheres of economy, including banking.
|Purpose||Purchase of New 4 or 2 wheelers / Second hand 4 wheelers up to 3 yrs old|
|Eligibility||Permanent salaried / Professionals / Businessmen|
|Minimum Employment||For Service Persons Total – 3 yrs|
Current – 2 yrs
Others – 3 yrs
|Minimum Annual Income||4W – Rs.3.50 lac for salaried,|
Rs. 2.00 lac for others 2W – Rs. 2.00 lac (Income of spouse can be included if joins as Co-applicant)
|Maximum amount||4W – Rs.15.00 lac|
2W – Rs.0.50 lac
Salaried – 18 times Gross Pay
Professionals – 1.50 times of average annual Income as per their last three Balance – Sheet/ P & L account or last years income whichever is less.
|Security||Hyp. of Vehicle|
|Guarantor||One Guarantor acceptable to Bank|
|Margin :||15% for new vehicle.|
50% for second hand 4 wheeler up to 3 yrs
|Deduction Limit||60% of Gross Pay|
|Rate of Interest||Click here to view the Interest Rate|
|Repayment||4W(New) 84 Months|
2W 60 Months
2nd 4W 60 Months
|Processing Fee||4W Rs. 2000/-|
2W Rs. 500/-
|Group Finance||20 permanent Employees of same organization of repute|
-Margin Relaxation up to 10%.
|Others||The maximum amount for purchase of 2 wheelers & 4 wheelers is Rs 0.50 lakh & Rs. 15.00 lakh respectively. If the loan is availed for a lesser amount than the prescribed limit, borrower desires to avail the loan during the currency of the|